The balance of the excess crude account (ECA) dropped by $253 million between January and February. Data provided on Wednesday by the office of the accountant-general of the federation showed that the ECA balance is $71.81 million. This is compared to the $324.968 million balance as of January 16, 2020. The excess crude account was created by former President Olusegun Obasanjo in 2004 [...]
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A participant at the International Monetary Fund/World Bank annual meetings held in Washington DC, US, has been diagnosed of chickenpox. In a statement on Friday, Jianhai Lin, IMF secretary, said the development was confirmed in a letter from the Washington DC department of health. However, the participant's name was not mentioned. Nigerian officials, led by Zainab Ahmed, minister of finance, were among the [...]
It has been a year since Nigeria was named the poverty capital of the world, six months since Nigeria's excess crude account was named the second-worst globally and three weeks after its top 20 Ease of Doing Business reformers ranking. At its 2019 annual meetings that begin on Tuesday, October 14, the International Monetary Fund (IMF) and World Bank Group, Nigeria's [...]
President Muhammadu Buhari says some of the statistics about Nigeria published by the World Bank, the International Monetary Fund (IMF) and other foreign bodies are not accurate. The president made this statement shortly after meeting with the presidential economic advisory council (EAC) on Wednesday. Urging the council on the need to prioritise primary data, Buhari said statistics from the foreign bodies are [...]
The International Monetary Fund (IMF) says the federal government should end fuel subsidies and create a credible timeline to recapitalise weak banks in the country. At the conclusion of the IMF Executive Board 19 Article IV Consultation with Nigeria, the financial institution expressed its support for the government's plans to reform and raise value-added tax (VAT). In its report seen by TheCable, [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), has prescribed ways in which Ghana can maintain its position as a leader in West Africa. Lagarde, who just concluded a two-day visit to Ghana said the “IMF will remain fully engaged in Ghana’s ongoing efforts to foster prosperity and opportunities for all". She said with "credible and sustainable policies will support [...]
The International Monetary Fund (IMF) says the world's debt has hit an all-time record of $184 trillion, an upward swing from the $182 trillion reported last week. The figure represents an average of $86,000 debt owed per person, according to a statement issued by Ting Yan, press officer at IMF, on ‘Global Debt Database (GDD) Update’. “Today, the International Monetary Fund updated [...]
Samaila Zubairu, president and chief executive officer, Africa Finance Corporation (AFC), says Nigeria's infrastructure spending will turn the economy around. Zubairu made the remark in an interview with CNBC on the sidelines of the International Monetary Fund/World Bank Group (IMF/WBG) 2018 meeting in Bali Nusa Dua, Indonesia. Alluding to growth prospects in the economy, he said the Nigerian government is taking the [...]
Amina Mohammed, the deputy secretary-general of the United Nations (UN), says Ngozi Okonjo-Iweala, two-time minister of finance, spent years to get Nigeria out of debt, but the country is now back to worrying levels of debt. Speaking at the International Monetary Fund (IMF) and the UN Working Together Conversation monitored by TheCable on Tuesday, the former minister of environment in Nigeria [...]
The International Monetary Fund (IMF) says inflation rates will rise in the second half of 2018 as consumer spending increases and agricultural output drops. Lucie Fouda, IMF’s Africa press officer, said a delegation led by Amine Mati, senior resident representative and mission chief for Nigeria, between June 27 and July 9. According to Mati, even though crude oil prices are higher, the [...]
The Center for Social Awareness, Advocacy and Ethics (CSAAEINC), a non-profit organisation, has called on relevant government agencies to investigate a syndicate allegedly issuing fake Corporate Affairs Commission (CAC) certificates to non-governmental organisations (NGOs). Godswill Agbagwe (pictured), president of CSAARINC, made the call at a press briefing in Abuja on Friday. The group’s president, who is in the country for some youth conferences [...]
Jim Yong Kim, World Bank president, says subsidies provided by African countries help the rich more than the poor. Speaking to journalists at the ongoing Spring meetings of the International Monetary Fund (IMF) and World Bank in Washington DC, Kim said African countries could raise revenue for investing in health and education by removing these subsidies. "They should be better at collecting [...]
The IMF says Tunisia must raise energy prices and the retirement age to help curb budget deficit and said any further public wage hikes would be difficult to sustain given weak growth. The North African country is in the throes of an economic crisis and under pressure from foreign donors to cut a bloated public service and budget shortfall. “It is necessary [...]
Ghana is poised to become the fastest growing economy in the world with the recent boost in the nation’s oil revenue. According to a New York Times report, the country is set to outpace both India with its “booming tech sector” and Ethiopia’s agriculture and coffee export-driven growth. Ghana’s bright fortunes are hinged on its increased crude oil production and rises prices [...]
The International Monetary Fund (IMF) says the economy of Nigeria is still vulnerable in spite of the country exiting recession. In a statement by Raphael Ranspach, the organisation’s media and press officer, IMF welcomed the federal government’s actions to improve the power sector and business environment under the Economic Recovery and Growth Plan. EGRP. The fund explained that macroeconomic and structural reforms [...]
Christine Lagarde, managing director of the International Monetary Fund (IMF), says Nigeria could save as much as $9 billion (N3.24 trillion) by shifting government payments from cash to digital systems. Speaking in Ethiopia on Friday, Lagarde said 1.7 percent of the country's gross domestic product (GDP) could be saved via the digitisation of the country's payment systems. Lagarde also said she was [...]
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